Senate leaders agreed on compromise legislation Friday night to extend Social Security payroll tax cuts and jobless benefits for two months while requiring President Obama to accept Republican demands for a swift decision on the fate of an oil pipeline that promises thousands of jobs.

Senate negotiators agreed to the two-month extension after failing to reach an agreement on extending the tax cut for another year, CBS News Capitol Hill producer John Nolen reports. <snip>

In a statement, White House communications director Dan Pfeiffer indicated Mr. Obama would sign the measure, saying it had met his test of "preventing a tax increase on 160 million hardworking Americans" and avoiding damage to the economy recovery.

The statement made no mention of the pipeline. One senior administration official said the president would almost certainly refuse to grant a permit. The official was not authorized to speak publicly.

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